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After Trump was elected, he decided to try to threaten China by musing about recognizing Taiwan.

Trump had to call President Xi Jinping and eat his words.

So far, it's worth noting that the circus-like atmosphere of Trump's alternating threats and embraces have obscured a key point: It's Trump who made the concession, not Kim Jong Un.

The United States will have to accept something less than its long-declared goal – complete denuclearization – and maybe Trump will be able to find a way to sell this.

America remains a superpower.

The Trump administration can keep making outlandish demands, and it will obtain some concessions because no one wants an open breach with the United States. If Trump says the Europeans have to come up with some changes to the Iran deal, they will try to find a way to do so, because they don't want to see the deal collapse and the West fall into disarray.

The United States has built up its credibility and political capital over the last century.